OAN’s Elizabeth Volberding
12:33 PM – Monday, January 22, 2024
America’s largest private employer and biggest retailer, Walmart, announced that it will be increasing the annual average salary for its store managers.
Advertisement
Walmart declared on Thursday that store managers will now earn an average salary of $128,000 annually, a 9.4% increase, from $117,000 currently. The rise in wages is set to take place beginning on February 1st, 2024.
Employees will also be eligible for bonuses, which could total 200% of their base pay and be determined by the profit and sales of specific stores.
The corporation will be revamping its store manager bonus scheme, which will provide managers with up to 200% of their base salary if they meet all goals.
In addition, Walmart announced that starting next month, front-line hourly workers will earn an average hourly wage of $18, up from $17.50. The company says that 75% of supply chain, store, and club managers began as hourly employees.
Cedric Clark, an executive vice president of store operations at Walmart’s United States branch, announced the news in a blog post.
“Not only are you responsible for exceeding customer expectations day in and day out; each of you is the CEO of a multimillion-dollar business,” Clark said in the release. “And you’re the driving force behind the development of our next generation of leaders.”
The reason for the new rise in wages is because the multinational retail corporation says that they are hoping to “attract and retain managers” in the competitive job market.
“Most of you – approximately 75% of our field management teams – began your Walmart careers in the hourly ranks. So did I. My Walmart career started as a sporting goods hourly associate in Washington state. I was able to grow my career because people invested in me. I know firsthand that the possibilities are endless when working at Walmart. And the possibilities are endless for you and for everyone you lead every day,” Clark added. “This investment is about belief. We believe in you. We believe you’re the keepers of our culture today while you’re also helping to identify and grow the future leaders of our company. You’re the reason our associates can build something special working at Walmart – just like many of us have. You make the difference, and we could not be more excited to continue this journey with you.”
Walmart CEO Doug McMillon mentioned in December that prices were falling in a number of different categories. Due to this, McMillon claimed, Walmart’s sales outlook for the first half of 2024 is unclear, even though consumer spending has been steady and economic growth will most likely slow down this year.
“If we had been talking last spring or at the beginning of last year, I expected more softness by this time of the year than we’re actually experiencing,” McMillon said. “Next year’s a different story. It’s going to be interesting to watch what happens in the general merchandise categories in the year ahead, because prices are so much lower.”
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts